Bangkok--8 Apr--SET
The Stock Exchange of Thailand (SET) will list Siri Prime Office Property Fund, managed by SCB Asset Management Co., Ltd., worth THB 1.7 billion (approx. USD 52.4 million), on its main board on April 9, under the ticker “SIRIP”.
Chanitr Charnchainarong, SET executive vice president, said that SIRIP would list and start trading on the Thai bourse’s Property Fund & REITs sector. The fund sold 170 million units via an initial public offering (IPO) at THB 10 per unit, with total value of THB 1.7 billion during March 20-26.
SIRIP is a closed-end specific property fund with no maturity. It invests in freehold of Siripinyo office building, including infrastructure, utilities system, and other project-relevant assets. The fund was previously owned by Papanan Co., Ltd. And Plus Property Co., Ltd. is property manager. Both companies are 99.99 percent owned by Sansiri pcl. The strengths of Siripinyo project are its downtown prime location, next to mass transit BTS skytrain and Airport Rail Link, combined with experienced asset manager Plus Property Co., Ltd. which manages many leading projects from both private and public sectors for more than 15 years.
Methee Vinichbutr, SCB Asset Management’s executive vice president, property and infrastructure fund group, said "After the fund has invested in Siripinyo office building, Sansiri and its related companies agree to rent 11,813 square metres of Siripinyo’s rental area, or 64.33 percent of the total rental area, for three years. The fund is also guaranteed by Sansiri to keep operating profits from Siripinyo at no less than THB 114.2 million for 12 months from the starting date of the fund investment. This will help secure confidence to unit holders.”
SIRIP’s dividend policy is to pay no less than twice a year at 90 percent of annual net profit of its financial year. The fund's top three unit holders after its IPOs are Chutimavoraphand family (48.97 percent), Social Security Office (26.47 percent) and Krungthai-AXA Life Insurance pcl (5.88 percent).
For more information, please see SIRIP property fund's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information on SET's website at www.set.or.th .